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Irene Josey

Treasurer and Public Trustee

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Foreclosure Information

Foreclosure Definitions and Process

The foreclosure procedure is stated in Title 38, Article 38 of the Colorado Revised Statutes. Those statutes are readily available in a lot of public libraries along with online at https://leg.colorado.gov/agencies/office-legislative-legal-services/colorado-revised-statutes.

Below you will find some meanings of foreclosure terms you may see while using our Foreclosure Search or on other materials connected to the foreclosure process. Our workplace does not provide legal suggestions.

DEED OF TRUST - In Colorado, a mortgage is normally called a Deed of Trust and that file is signed and taped at the time the residential or commercial property is bought and financed. The Deed of Trust gives the general public Trustee the right to offer the residential or commercial property through foreclosure proceedings if the borrower defaults on the regards to the Deed of Trust or Promissory Note (non-payment or other default).

LOAN TYPE - Some various kinds of loans are: Conventional, VA, FHA, and Unknown.

INTEREST RATE - The percentage rate shown might be the initial interest rate on the loan and may not reflect the default rates of interest. Default rates of interest typically enter into result when payments on the loan are in defaults or overdue.

CURRENT BENEFICIARY - It is a typical practice for mortgage companies to "sell" loans to other lenders or swimming pools of lending institutions. The existing lending institution (or recipient) of a loan will often not be the mortgage business that made the loan when the residential or commercial property was initially purchased.

NED RECORDED - The Notice of Election & Demand for Foreclosure (NED) is the first document the general public Trustee's office receives from the lending institution or its lawyer. This is tape-recorded with the Clerk & Recorder's workplace and the foreclosure is formally started at this time.

SCHEDULED SALE DATE - A sale date is developed someplace in between 110 and 125 days after the NED is recorded to enable time for legal notice mailings and for newspaper publications to be finished. The original sale date may be continued upon request of the lender or its lawyer, or it may be continued by the Public Trustee just under legally-defined circumstances.

MAILINGS - By law, the Public Trustee should mail notifications and details to persons/entities defined on the mailing lists provided to the general public Trustee by the lender or its attorney. This notification sets out the time and date of the foreclosure sale. There are at least two mailings sent out to the mailing lists offered.

PUBLICATION - By law, the general public Trustee need to release the mailed notice in a newspaper of general flow within Larimer County. We presently publish in the Loveland Reporter-Herald. The notice must be released a minimum of 5 successive weeks.

CONTINUANCE - The arranged sale date might be continued (held off) at the request of the lending institution or its attorney, or it might be continued by the Public Trustee, for legally-defined factors.

CURE - A treatment may be made prior to the foreclosure sale just by particular people/entities who have a legal right to treat the default on the mortgage or Deed of Trust. If a residential or commercial property owner (or other legally-entitled person) believes they can bring the past-due payments existing (plus all fees and costs of the loan provider, lending institution's attorney, and Public Trustee), they must file with the general public Trustee's workplace a Notice of Intent to Cure a minimum of 15 days prior to the arranged sale date. The Public Trustee's workplace then demands cure figures from the lending institution. Cure figures from the loan provider are due to the Public Trustee's workplace within 10 business days of the request or by the eighth (8th) calendar day before the sale. Once cure figures are gotten, the general public Trustee provides those to the celebration who filed the Intent to Cure. The treatment amount given is reliable through the deadline noted on the treatment declaration. Funds must be sent to the Public Trustee's Office by noon (12:00 pm Mountain Time) the day before the arranged sale date. If the set up sale date is continued to a later date, the deadline to file an Intent to Cure by those celebrations entitled to treat might also be extended.

WITHDRAWAL - A foreclosure may be withdrawn (stopped) for a number of reasons at the demand of the loan provider or its lawyer, or by the Public Trustee if the sale has actually been continued for too long an amount of time as per statute. A withdrawal is generally processed when a cure is made so that the foreclosure does not move forward.

RULE 120 COURT ACTION and ORDER AUTHORIZING SALE (OAS) - When a loan is described a lawyer for a foreclosure action, the lawyer submits a court action under Rule 120 of the Colorado Rules of Civil Procedure. The borrowers/owners are notified of the date and time for the court hearing and might attend that hearing. The function of the hearing is to offer the lending institution's lawyer a chance to show to the judge that a "affordable likelihood" exists that the loan remains in default. If the borrower/owner does NOT appear at the court hearing, the court will think about from the proof presented whether or not there is an affordable probability that a default exists and after that, if so, will go into an Order Authorizing Sale to permit the foreclosure action to proceed. Before the Public Trustee's office might offer a residential or commercial property on the foreclosure sale date, it should have gotten from the lender's lawyer a signed copy of the Order Authorizing Sale. Any foreclosure sale made without that Order is invalid.

BID AMOUNT OR AMENDED BID - A preliminary composed bid is due from the foreclosing lender/holder by midday (12:00 pm Mountain Time) 2 company days prior to the scheduled foreclosure sale date. A bid usually includes the impressive principal amount, interest due, and statutorily-allowable charges and expenses from the attorney and Public Trustee. Bids sent on time might be modified the day before the sale. If a preliminary written quote from the lender is not gotten prompt for a foreclosure set to go to sale, the foreclosure sale is continued for at least one week.

DEFICIENCY AMOUNT - Foreclosing lenders should send quotes that they believe are a reflection of the residential or commercial property's worth at the time of the foreclosure sale. If the loan provider feels the residential or commercial property is worth less than the amount owed on it, the "deficiency amount" reflects the difference. If the residential or commercial property is offered for less than the quantity owed on the loan at the time of sale (plus all costs and charges), the loan provider might attempt to gather the deficiency quantity personally against the borrower through a separate court action due to the fact that the shortage quantity is NOT snuffed out by the foreclosure.

ACTUAL SALE DATE - This is when the residential or commercial property is actually cost the foreclosure auction sale. Once the sale is actually held, numerous due dates start to run.

THIRD PARTY BIDDER - If somebody aside from the foreclosing loan provider (generally described as a "3rd party bidder") quotes more than the initial written quote submitted by the foreclosing loan provider, that is an overbid. The effective 3rd celebration bidder need to send qualified funds by 2:00 pm (Mountain Time) the day of the sale by means of wire, money or licensed check.

OVERBID AMOUNT OR EXCESS PROCEEDS - If the residential or commercial property goes to foreclosure auction sale and is acquired for MORE than the TOTAL OWED to the loan provider and to all other lien holders, the borrower at the time the foreclosure was begun ought to get in touch with the general public Trustee's workplace AFTER THE SALE takes place because they MAY have funds due to them.

CERTIFICATE OF PURCHASE (COP) - The general public Trustee issues this document to the successful bidder at the foreclosure sale to show that the effective bidder has an interest in the residential or commercial property. It is taped with the Clerk & Recorder's workplace and made a public record. The interest under the Certificate of Purchase is fully assignable.

JUNIOR LIENORS - There might be more than one deed of trust or other lien on a residential or commercial property. Anyone who holds a lien on a residential or commercial property is called a lienor and might have a right to redemption of the residential or commercial property according to law. Lienors require to have a taped interest in the residential or commercial property being foreclosed prior to the NED recording date. In order to redeem the residential or commercial property in foreclosure, a lienor must file a Notice of Intent to Redeem within eight (8) business days of the sale. Lienors thinking about exercising their legal rights on a foreclosure residential or commercial property are strongly recommended to seek advice from an attorney.

LAST DATE TO REDEEM/ REDEMPTION - This is the due date for a redemption to be made by a junior lienor who has submitted an Intent to Redeem kind and been provided redemption figures. A redemption requires that all funds owing to the foreclosing lending institution or holder of the Certificate of Purchase (COP), including lawyer's fees and costs and Public Trustee's fees and expenses, be paid in complete. If a residential or commercial property is redeemed before the due date ends, a Certificate of Redemption (COR) will be provided. Once the COR has been issued by the Public Trustee, it is assignable to somebody else at the choice of the holder. Ultimately, the last COR issued will get ownership of the residential or commercial property through a Public Trustee's Confirmation Deed.

DEED or CONFIRMATION DEED - Once all redemption durations have actually expired and no redemption has been made (or a redemption has been made and a Certificate of Redemption has been issued and tape-recorded), the Public Trustee may release a Public Trustee's Confirmation Deed to the holder of the Certificate of Purchase or the holder of the last-issued Certificate of Redemption. The Deed is then taped with the Clerk & Recorder's office and transfers title to the residential or commercial property from the previous owners (debtors) to the new owner. A Confirmation Deed Request kind should be completed by the Certificate of Purchase or Certificate of Redemption holder.

RESCISSION - The lender or its lawyer might rescind (space) the foreclosure sale after it has actually occurred. In order to rescind the sale, the foreclosing lending institution should be the successful bidder at the foreclosure sale and the holder of the Certificate of Purchase, and a notice must be provided to the Public Trustee no later than 8 service days after the date of the foreclosure sale.

BANKRUPTCY/ RESTART - When a customer submits a Personal bankruptcy Petition prior to or throughout publication of the notice of foreclosure, the U.S. Bankruptcy Court will typically release a stay order requiring that the foreclosure action not be continued until further notification from the court. The foreclosure sale extends week to week up until the Bankruptcy Court takes action. If the Bankruptcy Court subsequently issues an order approving remedy for the stay order, then the foreclosure might be rebooted.

FAQs

1. How can I stop a foreclosure?
Before a residential or commercial property goes to sale, the foreclosure can be treated by bringing the payments and costs existing. An Intent to Cure need to be filed with the general public Trustee's Office (there is no charge to file) a minimum of 15 days before the Sale is set up. The quantity essential to treat a foreclosure is figured out by the loan provider. The cash needs to be received by the due date noted on the remedy declaration that is provided to you. The last day fund might be submitted to the Public Trustee's Office is by noon the day before the sale.

2. Does the Larimer County Public Trustee perform seminars concerning the foreclosure process?
We do not perform seminars concerning the foreclosure procedure. Instead, we have actually assembled this website as a tool to advise residents interested in discovering the foreclosure process. We enjoy to answer your concerns you have or provide additional resources if readily available. For house owners in foreclosure, please evaluate the Foreclosure Counseling Resources. We do not provide legal advice.

3. Where can I obtain details about other taped liens existing versus this residential or commercial property?
Information worrying other liens taped versus the residential or commercial property can be gotten by browsing public records on the Larimer County Clerk and Recorder's website at https://www.larimer.gov/clerk/recording/easy-access or by calling their workplace at (970) 498-7860.

4. When is the sales list readily available?
A preliminary sales list is posted on Monday afternoon after 2:00 pm and upgraded again Tuesday afternoon prior to the Wednesday early morning sale. Properties on the sales list are likewise available on the Auction Calendar at larimer.realforeclose.com.

5. When and where are the general public Trustee Sales carried out?
Sales are held promptly at 10:00 am (Mountain Time) each Wednesday (other than County vacations) online at larimer.realforeclose.com. You must sign up with RealForeclose prior to the sale and send a deposit by 4:30 pm (Mountain Time) the day before the sale if you plan on bidding.

6. What kind of funds are needed to bid at a Public Trustee sale?
Acceptable kinds of payment are ACH to Realforeclose or Wire to the general public Trustee. These are the only acceptable forms for both the bidder deposits and the final payment by the effective bidder.

Treasurer & Public Trustee - Contact Us

Physical Address: 200 W. Oak Street, Suite 2100, Fort Collins, CO 80521
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